Sun Pharma falls on competition from Glenmark drug

Reuters
A patient holds free medicine provided by the government at RGGGH in Chennai
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A patient holds free medicine provided by the government at Rajiv Gandhi Government General Hospital (RGGGH) in Chennai July 12, 2012. REUTERS/Babu/Files

Reuters Market Eye - Shares in Sun Pharmaceutical Industries Ltd(NSI:SUNPHARMA.NS - News) fall 1 percent as the U.S. Food and Drug Administration approval for Glenmark's Desoximetasone ointment is seen negative for the former's unit, Taro Pharmaceutical Industries Ltd(TARO.N).

Analysts tracking the sector say the leading brand in this segment is Taro's Topicort, which had annual sales of $50 million.

Also, Citigroup in a report says while Taro has also lost market share in its largest product Nystatin/Triam combo, it could see more competition in some of its other products.

(Reporting by Abhishek Vishnoi)

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